Sherwin-Williams dividend
Sherwin-Williams pays a current $3.20 dividend per share, with the forecast rising from $3.36 per share in October 2027 to $3.84 by October 2029. Its conventional free cash flow was $2,654.0 million in 2025, but shareholder payouts exceeded free cash flow during 2021–2025.
How much does Sherwin-Williams pay per share?
Dividends rise gradually in the base case, from $3.36 per share in October 2027 to $3.84 by October 2029. The bear case freezes the current $3.20 rate, while the bull case reaches $4.24. The base follows five years without an annual cut and moderates increases because payouts have approached free cash flow and debt maturities remain material.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 2,984 (2,498 / 3,148) | 3,176 (2,418 / 3,462) | 3,344 (2,438 / 3,736) |
| Shares (millions) | 238 (243 / 233) | 236 (243 / 228) | 232 (244 / 222) |
| Dividends per share | 3.36 (3.20 / 3.44) | 3.60 (3.20 / 3.84) | 3.84 (3.20 / 4.24) |
| Price to earnings | 26.00 (21.00 / 30.00) | 25.00 (20.00 / 31.00) | 24.00 (19.00 / 31.00) |
Is Sherwin-Williams' dividend covered by its cash?
Sherwin-Williams paid shareholders more than its free cash flow supported during 2021–2025, so borrowing helped finance its capital choices.
Free cash flow is the cash left after operations and capital spending. A household that has $100 left after regular bills but spends $120 on dividends and buybacks must borrow or use savings to cover the gap. Sherwin-Williams did the corporate equivalent: strong operating cash coexisted with shareholder payouts that exceeded free cash flow.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 2,654.0 | 2,083.2 | 2,633.5 | 1,275.4 | 1,872.6 |
| − Dividends paid | 789.8 | 723.4 | 623.7 | 618.5 | 587.1 |
| − Share buybacks | 1,656.4 | 1,738.8 | 1,432.0 | 883.2 | 2,752.3 |
| = Free cash flow not paid out | 207.8 | 577.8 | |||
| = Paid out more than the free cash flow | 379.0 | 226.3 | 1,466.8 | ||
| Paid out, % of free cash flow | 92.2% | 118.2% | 78.1% | 117.7% | 178.3% |
What this means. The company's own net debt is lower because it leaves out finance leases and real estate financing debts that we include.
What could change Sherwin-Williams' dividend?
Through 2027, the key financial test is whether cash generation can fund dividends, investment and buybacks while addressing the larger maturity concentration due in 2027. Stronger cash flow would support the base-to-bull transition; refinancing pressure or curtailed repurchases would reinforce the bear path.
What is Sherwin-Williams' dividend yield today?
At $332.50 per share, market value is $80,717.1 million. Enterprise value is $93,312.0 million. The shares trade at 30.6x trailing earnings and 27.5x forward earnings. Free cash flow yield is 3.3%; real free cash flow yield is 3.1%. Dividend yield is 1.0%; buyback yield is 2.1%. Operating margin recovered through 2025 as revenue growth slowed. Sherwin-Williams’ free cash flow—cash from operations minus capital spending—improved in 2025 after weaker 2024 cash generation. Diluted EPS fell in 2025, while net debt rose and buybacks sometimes exceeded free cash flow.
| Today (Oct 16, 2026) | |
|---|---|
| Share price | 332.50 |
| Market value (calculated) | 80,717.1 |
| P/E, next 12 months (calculated) | 27.5x |
| Free cash flow yield (calculated) | 3.3% |
| Real free cash flow yield (calculated) | 3.1% |
| Dividend yield (calculated) | 1.0% |
What this means. The enterprise value is a little too low because it leaves out finance leases, which are another form of debt.